March 1st, 2010
Every parent knows that our care and concern for our children doesn’t stop when they hit adulthood. But most of us are a little unclear on how that care should play out financially. Trying to figure out when and how to help adult children with money problems can lead parents into all kinds of financial miscommunication and conflict.
It doesn’t have to be that way. While the best approach for you will, of course, depends on the situation, there are 6 guidelines you need to keep in mind as you make financial decisions about your adult children.
1. Know your child’s Money Personality - Read more here
2. It’s ok not to play fair - Read more here
3. Respect each other - Read more here
4. Don’t hurt yourselves to take care of your kids - Read more here
5. Decide if there will be strings - Read more here
6. If there are strings, get them in writing - Read more here
Read this week’s entire Money Couple Minute - HERE.
Tags: financial communication, helping children financially, kids and giving, kids and money, kids and spending, money communication
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February 15th, 2010
We aren’t going to be subtle on this one: Our answer is, “Absolutely not.” Don’t marry your money until you are legally married. We have seen too many engagements end, leaving couples who have combined their money with the painful task of sorting it all out during an already difficult time.
Naturally, if you are heading toward marriage, you probably share your money with each other, but we’re talking about things like joint savings accounts, shared credit cards, retirement funds, and checkbooks. Combining these finances before you’ve created a legal union can create headaches you simply don’t need.
But just because you’re not sharing all your money doesn’t mean you shouldn’t be talking about it. We believe that strong financial communication has to start before you get married-hopefully before you even get engaged. If you are engaged or seriously dating someone and thinking about co-mingling your money along with your lives, plan a Money Huddle and talk about the six topics that will save your marriage before it has begun.
View this week’s Money Couple Minute to get all 6 answers HERE.
Tags: Add new tag, before you get married, financial communication, financial infidelity, marry your money, money communication, things to do before I do
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February 1st, 2010
Sometimes Cupid’s arrows hit the pocketbook and the results are not pretty. Not long ago, we sat down with a couple that was having major financial issues. He was a romantic Spender who loved to splurge on his sweetie, but… Read the entire Money Couple Minute HERE. View all the Money Couple Minutes and discover a wealth of short suggestions and usable points to help the financial communication in your relationship.
Tags: financial budget, financial communication, financial infidelity, money and romance, money communication
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January 18th, 2010
What now? It’s a question we are hearing from more and more couples as the recession takes its toll. Those who’ve lost jobs wonder what they’ll do next. Those who’ve taken a major financial hit are trying to rebuild. Those who’ve weathered the changes so far are worrying if they’re going to be the next casualties.
But in the midst of these changes, many people see opportunity. This might be the right time to take a risk with your time and finances. But first you and your partner need to cover these four bases… Click HERE to read the entire Money Couple Minute on taking a risk. You can see all the Money Couple Minute topics HERE.
Tags: financial budget, financial communication, financial risk taking, five categories financial infidelity, investing, money communication, risk taking
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January 4th, 2010
Getting out of debt is one of the most common New Year’s resolutions—it’s right up there with losing weight. And like losing weight, it’s a resolution that, more often than not, is broken before January comes to an end.
Everyone should set financial goals for their families. In setting these goals, it is important to be smart about the kind of goals you set and your plans for meeting those goals.
Briefly, here are the 5 financial resolutions you shouldn’t make for 2010. Read the entire Money Couple Minute HERE to get all the details for each one.
1. We Will Spend Less
2. We Will Not Fight About Money
3. We Will Have Our Finances Under Control By April
4. We Will Have a Perfect Budget
5. This is the Year We Get Out of Debt
Again, there are full descriptions of each of these resolutions not to make. You can find them in this week’s Money Couple Minute.
Tags: 5 financial resolutions you shouldn't make, breaking the budget, financial communication, financial infidelity, individual investments, money communication, the money couple
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December 17th, 2009
If you’re like the vast majority of families, your finances have gone through the ringer this year. Maybe you’ve changed jobs—or are still looking for one. Maybe you’ve lost your retirement funds and are trying to figure out how you’ll make it through the next year. Maybe you’re still doing okay but worry that the hard times are coming for you, too. Whatever your financial situation, we encourage you to spend the last two weeks of the year thinking about anything but your money. That’s right, the Money Couple just told you not to think about money. Take a look at this week’s Money Couple Minute, Taking a Financial Holiday, and find out some practical ways to just enjoy the holiday season with family and friends.
Tags: Christmas spending, financial communication, gift spending, holiday spending, money communication, taking a financial holiday
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December 8th, 2009
We find that regardless of a couples’ income, holiday spending can quickly become a battlefield. One of you spends too much, one of you spends too little. Someone splurges when they should have skimped, someone saves when they should have shopped.
The key to making it through the holidays with your sanity-and your budget-intact is… Click to Read Complete Money Couple Minute Here.
Tags: financial communication, holiday giving ideas, holiday spending, money communication, overspending at holidays
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December 1st, 2009
Here was an idea we received from one of our readers that we couldn’t resist passing along…
“Just yesterday our kids took some money they had been saving for a few months and used it to each buy their own assortment of hats, gloves and socks. My husband and I bought our own pile too. We handed out over 40 pairs of gloves, 40 hats and 40 socks to the homeless people standing outside. The kids had their own bags and got to individually hand them out. The worst part was that there were still more people we didn’t get to bless because we ran out, so we are thinking of doing it again.”
Let us know if you have any other ideas to communicate good giving habits to your kids by emailing us at info@themoneycouple.com
Tags: Christmas spending, generous kids, holiday giving ideas, kids and giving
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November 23rd, 2009
Every parent wants to raise compassionate, generous children. Giving to others should and can be fun, it doesn’t have to be the financial equivalent of eating your vegetables. With the right approach, practicing generosity can build family unity, develop a deep sense of compassion in your kids, and teach them invaluable financial communication skills that will carry over into their everyday lives.
Take a look at this weeks Money Couple Minute on “Getting Your Kids Excited About Giving.” In it you’ll find some practical and fun ways to get your kids involved in a positive way this holiday season. While you’re there, be sure to check out the other Money Couple Minutes for the holidays.
Tags: Christmas spending, communicating with kids about money, financial budget, financial communication, kids and money, kids and spending
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November 10th, 2009
Power and money have a long partnership. Typically, the person with the money has the power. And this can often be the case in relationships as well. The partner who works can resent the way his partner spends “his” money. The partner who’s not working can feel like she doesn’t get much say so in the way money is spent. Couple this natural tension with poor financial communication and you’ve got the makings of financial infidelity.
Read the entire Money Couple Minute on Spending “His” Money and find out how the Money Huddle and Financial Relationship Index can help you work through this money issue.
Tags: financial communication, financial infidelity, money communication, money huddle, spending his money
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